Crude Oil (WTI) (N4) Under Pressure, Eyes on Key Pivot at 77.80
Trading Preference: Short Positions Favored Below 77.80
Forex Trading MT4 Crude Oil (WTI) (N4) faces downward pressure as it hovers near a crucial pivot point at 77.80. Here’s a breakdown of the current scenario and potential trading strategies:
Pivot Point Analysis:
- Pivot: 77.80
Preferred Trading Strategy:
Our preference leans towards short positions below the pivotal level of 77.80. Traders are advised to consider the following targets:
- Primary Targets: 76.85
- Secondary Targets: 76.35 (with potential extension)
Alternative Scenario:
In the event of a break above 77.80, traders should anticipate further upside momentum. Potential targets include:
- 78.30
- 78.65
Technical Indicators:
The Relative Strength Index (RSI) is currently below its neutrality area at 50%, suggesting a bearish sentiment in the short term.
Support and Resistance Levels:
Traders should monitor the following levels for potential reversals or breakouts:
- Resistance: 78.65, 78.30, 77.80
- Current Price: 77.16
- Support: 76.85, 76.35, 76.00
Conclusion:
With pressure mounting below the key pivot at 77.80, traders are inclined towards short positions with targets at 76.85 and 76.35. However, a breakout above 77.80 could lead to further upside with targets at 78.30 and 78.65. It’s essential to closely monitor the RSI and key support/resistance levels for informed trading decisions.
This analysis serves as a guide for navigating the intraday movements of Crude Oil (WTI) (N4) and should be supplemented with additional market research and risk management strategies.
| Pivot Point: | 77.80 |
|---|---|
| Preferred Trading Strategy: | Short Positions Below 77.80 |
| Primary Targets: | 76.85 |
| Secondary Targets: | 76.35 (with potential extension) |
| Alternative Scenario Targets: | 78.30, 78.65 |
| RSI Status: | Below 50% |
Support and Resistance Levels:
| Resistance: | 78.65, 78.30, 77.80 |
|---|---|
| Current Price: | 77.16 |
| Support: | 76.85, 76.35, 76.00 |
Crude Oil (WTI) (N4) Intraday Analysis: Pressure Builds Below Key Pivot
| Level Type | Price |
|---|---|
| Resistance 1 | 78.70 |
| Resistance 2 | 78.30 |
| Resistance 3 | 77.80 |
| Current Price | 77.33 |
| Support 1 | 76.60 |
| Support 2 | 76.15 |
| Support 3 | 75.50 |
This table clearly lists the key support and resistance levels for Crude Oil (WTI) (N4) trading, along with the current price.